1.1 BACKGROUND OF STUDY
The issue of fair valuation of residential real estate properties has been a major challenge in Nigeria. Indeed, not much has been done in the area of valuing residential housing units in the economy. Nevertheless, in recent times, the literature on real estate has seen a number of techniques and models developed in a bid to achieve efficient valuation of residential houses.
The use of artificial neural networks has been the most popular and recent in this regards. In the advanced economies, the use of artificial neural networks is now predominant in several fields including medical diagnosis, tax assessment, analysis, stock analysis & control, traffic control, and real estate valuation, bank risk etc (Moral- Esperanza, 2004). Unlike in many other economies, the use of artificial neural networks (ANNs) in actual valuation of housing units has not been done In Nigeria, (Eriki & Udegbunam, 2008).
Few works have gone beyond mere demonstration of the use and capability of the ANNs to actual valuation of residential houses in the existing literature; and many of such works used single city data. It is against this background, that this study examines the fairness or otherwise, of the price fixing mechanism for residential housing units in Nigeria, using Benin and Lagos housing markets as examples.
Thus, the study seeks to provide answer to a question of this likes; are the market prices for residential real estate properties in Nigeria fair representations of the properties’ true values? Other specific questions to be answered are: Is there a fair market value for a housing unit? Do property prices in Nigeria represent fair market values? Lastly, are there significant differences between property market prices and artificial neural network model output prices? Thus, the study examines the valuation of residential housing units in two Awka metropolis. The quest for efficient price fixing mechanism and fair market prices is timely as Nigeria stands on the threshold of establishing a secondary mortgage market to mobilize capital market funds for the primary market.
Housing need in Nigeria increases by the day, whereas the vast majority of the population lacks the wherewithal to make effective demand on housing. The private sector, which is the major supplier of housing in Nigeria, faces a number of problems inhibiting it from meeting the ever increasing needs. The public sector has fared badly in housing provision.
A major reason for the debacle in past public sector programmes in housing is traceable to inadequate knowledge of the nature, scope and dimension of the housing problems in both the rural and urban areas of the country, and to the myopic and narrow concept of the housing needs of the Nigerian populace. As asserted by Agbola (2008) the absence of research on housing is a lag in the housing delivery system in developing countries, especially Nigeria.
1.2 STATEMENT OF THE PROBLEM
Housing is a fundamental need for dignified living and represents a major area of deprivation for the urban poor in Nigeria. the rate of provision of new housing stock in Nigeria has lagged behind the rate of population growth which may be seen as responsible for the formation of slums, growth of squatter settlements and high rent beyond the affordable limit of the poor. Finally, most of the research has been carried out housing but not even a single research has been carried out on comparative analysis of residential property values in housing estates in Akwa metropolis.
1.3 AIMS AND OBJECTIVES OF STUDY
The main aim of the study is to examine the comparative analysis of residential property values in housing estates. Other specific objectives of the study include;
1. to determine the effect of level of fairness of the price fixing mechanism in the Nigerian real estate market.
2. to determine the factors affecting the residential properties values in housing estate.
3. to determine whether price of real estate properties represent fair market value.
4. to determine the extent to which residential property valuation affects houses in estate.
5. to proffer possible solution to the problems.
1.4 RESEARCH QUESTIONS
1. What is the level of fairness of the price fixing mechanism in the Nigerian real estate market?
2. What are the factors affecting the residential properties values in housing estate?
3. How does the price of real estate properties represent fair market value?
4. What is the extent to which residential property valuation affects houses in estate?
5. What is the possible solution to the problems?
1.5 STATEMENT OF RESEARCH HYPOTHESIS
H0: there is no difference in residential property values in housing estate in awka metropolis.
H1: there is difference in residential property values in housing estate in awka metropolis.
1.6 SIGNIFICANCE OF STUDY
The study on comparative analysis of residential property value in housing estates will be of practical importance to the real estate practitioners, government agencies, internal revenue service and the academics in the sense that it will enable them to make use of artificial neural models to improve on the current level of fairness in the valuation of residential housing units, as well as to aid rapid valuation, and make possible mass valuation of properties. Finally, the study will contribute to the body of existing literature and knowledge in this field of study and provide the basis for further research.
1.7 SCOPE OF STUDY
The study on the comparative analysis of residential property values in housing estates is limited to Awka metropolis.
1.8 LIMITATION OF STUDY
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1.9 DEFINITION OF TERMS
ComparativeMeasured or judged by estimating the similarity or dissimilarity between one thing and another; relative.
AnalysisDetailed examination of the elements or structure of something.
ResidentialDesigned for people to live in.
Value the regard that something is held to deserve; the importance, worth, or usefulness of something.
You can find more topics easily, just search
SIMILAR BUSINESS ADMINISTRATION PROJECT TOPICS AND MATERIALS
1. RM ANALYSIS OF BUSINESS STUDIES MULTIPLE CHOICE QUESTION PAPER OF SECONDARY SCHOOL, IN DELTA STATE JUNIOR SCHOOL CERTIFICATE EXAMINATION» CHAPTER ONE 1.1 BACKGROUND TO THE STUDY Evaluation is indispensable part of an different types are utilized for assessment and consequently evaluation...Continue Reading »
57 pages | 134 hits | Source: BUSINESS ADMINISTRATION
2. THE EFFECT OF TRAINING AND DEVELOPMENT ON EMPLOYEE PERFORMANCE IN UGHELLI SOUTH LOCAL GOVERNMENT AREA OF DELTA STATE» CHAPTER ONE INTRODUCTION 1.1 Background to the Study The importance of training and development in organization cannot be over emphasized. This is par...Continue Reading »
50 pages | 117 hits | Source: BUSINESS ADMINISTRATION
» ABSTRACT This research examines “the review of motivation as a management tool for increasing the productivity of employees, a case study of Emenite...Continue Reading »
50 pages | 152 hits | Source: BUSINESS ADMINISTRATION
» CHAPTER ONE INTRODUCTION The crux of every management job lies in the job holder’s capacity to obtain the commitment of people and the ability to ap...Continue Reading »
55 pages | 123 hits | Source: BUSINESS ADMINISTRATION
5. MANAGEMENT OF BAD DEBTS IN MICRO FINANCE BANKS IN NIGERIA ( A CASE STUDY OF SIX SELECTED MICRO FINANCE BANKS IN ANAMBRA STATE)» The article on this topic (management of bad debts in micro finance banks in Nigeria) is an extract from literature review of the project material. Th...Continue Reading »
81 pages | 178 hits | Source: BUSINESS ADMINISTRATION
» ABSTRACTThe diverse structure of the economics of the third world countries and the predominance of good markets for industrial goods provide good env...Continue Reading »
50 pages | 42 hits | Source: BUSINESS ADMINISTRATION
» CHAPTER ONE INTRODUCTION Background of the Study Small and Medium Scale Enterprises (SMEs) have been acknowledged the world over as the driver of econ...Continue Reading »
55 pages | 113 hits | Source: BUSINESS ADMINISTRATION
» Abstract Entrepreneurship is a much talked about word, but not just a word is a process! This project examines the relevance of entrepreneurship in th...Continue Reading »
50 pages | 159 hits | Source: BUSINESS ADMINISTRATION
9. THE FACTORS THAT HAVE IMPACTED GROWTH AND DEVELOPMENT IN SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA» ABSTRACT Policy objectives of Nigerian government aimed at promoting and eloping small and medium scale enterprises since 1970’s. Government played ...Continue Reading »
50 pages | 127 hits | Source: BUSINESS ADMINISTRATION
» CHAPTER ONE1.1 BACKGROUND OF THE STUDY Right from ancient time man has been conscious of developing himself within his natural environment. This inven...Continue Reading »
53 pages | 0 hits | Source: BUSINESS ADMINISTRATION